White House 'super focused' on tax reform, says Mnuchin

White House 'super focused' on tax reform, says Mnuchin

White House 'super focused' on tax reform, says Mnuchin

The White House and Congress were said to be working together on the drafting of reform legislation after the Republican party hit by several roadblocks en route to the passing of its proposed tax reform bill.

"I can't speak to the specifics", he said at the CNBC Institutional Investor Delivering Alpha Conference in NY, when asked about the matter. "What the exact number is is less important, what's important is making sure we have a competitive system".

President Trump has said that they should get taxed at a higher rate that counts that money as income.

Trump has yet to sketch out a tax plan with specific changes to rates, income levels or the treatment of business earnings that double as personal income. The administration has planned to pass a tax overhaul with only Republican votes.

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"The president's been very clear that hedge funds will not have the benefit of carried interest", he said. The White House is wary of relying exclusively on Republican support for the legislation after seeing the health care bill collapse and is genuinely seeking Democratic support, Short said.

Mnuchin, who had insisted earlier on Tuesday that tax overhaul would be a certainty before year's end, told CNBC that backdating was "something we are considering and it would be a big boon for the economy".

Last week, Trump reached a deal with Democratic leaders by signing a bill extending the country's borrowing limit by three months, rather than for a longer period preferred by Senate Republicans. That's one of his main priorities, particularly in the mix of what's going on in North Korea and other areas.

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